All Forum Posts by: Raymond Santos

I am looking at this property in Orlando Fl for my first rental I keep analyzing but I just want to make sure that I am plugging these numbers right. Here’s my deal:

Duplex

Price: $310,000

Fha financing 3.5% : $10,850

Interest rate of 3.5% might be under 3

Closing cost at 3% : $9,300

Rental gross income monthly : $2550

Taxes : $3,360 year

Insurence : $2,400 year

Maintence at 10%: $3,060

Capex at 10% : $3,060

Property management at 10% : $3,060

Vacancy at 7% : $2,178

COC : -12.9%

Total Roí : 15.2%

Net income (cash flow) monthly: $-2,592

Principal paydown $5,652

@Ellis San Jose thank you

I am looking to get a loan and use about 5 different lenders (banks, and mortgage brokers) and they coming with too little of a loan for my purpose in the which is a duplex in New York City (queens/Bronx) . Range is 700k for duplexes in the area I’m trying to invest, looking and spacing out the area since is too expensive even the not great areas are above of what the loan officers are offering me. Any opinion or advice anything would help. I’m a new investor and just getting my feet wet and taking action. Also they gave me the option on getting a co-signer and that would help me get up to that amount or someone what close but I’m doing this by myself and have no one to help me do this.

I have talk to a agent to help me look for some deals but I have receive a agreement form from the agent to only work with him and no other agent whatsoever? It’s this a common thing or something every agent do or should I stick with something else to do. Reason why I ask is if I’m not satisfied with the service then I can work with someone else?

@William Merone thanks for this insight, would like to conner with you through the near future. I will shoot you a message for some advice.

Hi everyone, I just started my credit about 6 months ago and I'm at a 700 credit score with one credit line. Have couple thousand dollars saved and looking forward to invest it. I'm also located in New York, Long Island but I am also willing to invest in queens, Bronx, and nj. As long as is in a 2 hour radius. I'm looking to put the least down I can to leverage, and invest the rest of my cash on another rental once I get my feet wet. FHA is what I'm planning on doing with my first rental and looking to either get into a duplex , triplex, or fourplex.

Questions I have is do I need more lines of credit or longer history?

How can I get pre approve for a fha loan, can I go to any bank to see if they offer this type of financing?

Once I have a pre approve number to work with and now it’s time for me to look for property’s, how do I know different markets or the market I’m interested in, how do I also know the right value of a home to go ahead with the purchase?

Once I understand all these things an I put an offer where do I get an inspector to check the property?

How do I got about screening people and the systems I should follow?

Once I get a tenant, how do I go about the lease how can I create a lease, how can I come up with a lease and what should I have in it due to the laws in my state (NEW YORK CITY)?

Once I live in this property for a year how can I refinance my fha to first do this strategy again? Second so I can get rid of the PMI that I would be paying every month?

And what are my options for exit strategy’s in which I’m not looking to do whatsoever but just in case things look pretty scary?

Thanks in advance guys and I look forward to get the help from your guys that already have the experience. See you guys at the top

@J Cicero

Thanks so much for the insight.

Anyone has any tips on house hacking in NY? I currently live in the Bronx. Looking to start investing in real estate, any advice from investor in NY?